News & Analysis as of September 20, 2024

Securities Exchange Act › Customer Protection Rule

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The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +

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Mid-Year Report: FINRA Enforcement Builds Momentum After Historic Penalties

King & Spalding on 8/29/2022

After collecting near-record amounts in fines, restitution, and disgorgement in 2021 – which included a $70 million monetary penalty against a financial institution in a single action – FINRA continues to raise the bar on...more

Time’s Up! Broker-Dealers Must Comply with the Customer Protection Rule When Borrowing Customer Securities

Goodwin on 4/22/2021

On April 16, 2021, the staff of the SEC Division of Trading and Markets reminded broker-dealers borrowing fully paid and excess margin securities from their customers (FPL programs) that they are obligated to comply with...more

Digital asset securities: broker-dealer custody issues

Eversheds Sutherland (US) LLP on 1/13/2021

As 2020 came to a close, the issue of how digital asset securities can be custodied by US broker-dealers became clearer, at least from a regulatory standpoint. In a release issued pursuant to the Securities Exchange Act of...more

California Federal Judge Holds That Claims Under Section 10(b) Require "Out-of-Pocket" Loss

A&O Shearman on 3/11/2020

On February 28, 2020, Judge M. James Lorenz of the United States District Court for the Southern District of California dismissed a putative securities class action against an investment management company (“Company”) and its...more

SEC and FINRA Staffs Jointly Address Broker-Dealer Custody of Digital Asset Securities

Dechert LLP on 8/12/2019

The Staffs of the Securities and Exchange Commission’s Division of Trading and Markets and the Financial Industry Regulatory Authority’s Office of General Counsel (jointly, Staffs) issued a Joint Statement on July 8, 2019...more

SEC and FINRA Issue Joint Staff Statement on Broker-Dealer Custody of Digital Asset Securities

Katten Muchin Rosenman LLP on 7/25/2019

On July 8, the Division of Trading and Markets for the Securities and Exchange Commission (SEC) and the Office of General Counsel for the Financial Industry Regulatory Authority (FINRA) issued a joint statement (the...more

Key Takeaways from the SEC and FINRA Joint Statement on Broker-Dealer Custody of Digital Asset Securities

White & Case LLP on 7/22/2019

As part of the continuing dialogue with market participants working toward developing methodologies for establishing possession or control by broker-dealers over their customers' digital asset securities, on July 8, 2019, the...more

Understanding the Regulatory Concerns of Cryptocurrency Exchange Registration

Holland & Knight LLP on 4/30/2018

• Coinbase, one of the largest cryptocurrency exchanges, recently approached the U.S. Securities and Exchange Commission (SEC) about possible licensing as a broker-dealer. If Coinbase decides to register with the SEC, it will...more

Are Your Customer Accounts in Order? SEC Announces Sweep of Broker-Dealers and Implementation of the Customer Protection Rule...

Morrison & Foerster LLP on 8/29/2016

On June 23, 2016, the Securities and Exchange Commission (the SEC) announced that it would begin a coordinated effort across divisions to identify potential violations by broker-dealers of Rule 15c3-3 (the “Rule”) under the...more

SEC Announces Customer Protection Rule Initiative

Latham & Watkins LLP on 6/29/2016

Broker-dealers with historical or ongoing instances of non-compliance with the SEC’s Customer Protection Rule are encouraged to self-report by November 1, 2016. On June 23, 2016, the Securities and Exchange...more

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Securities Exchange Act › Customer Protection Rule

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